In one of his first actions after taking office on Wednesday, President Joe Biden signed an executive order to extend the federal ban on evictions till the end of March. The eviction moratorium was previously set to expire at the end of January.
About 14 million Americans are behind on their rent payments, CNBC reports.
But extending an eviction ban could also come at the price of landlords. The National Association of REALTORS® has been among housing groups advocating for rental assistance to also help the nation’s landlords. NAR and other industry groups have argued that a federal eviction moratorium without rental assistance would lead to a crisis in which housing providers couldn’t cover their costs and tenants would fall further and further behind in payments.
So far, Congress has allocated $25 billion toward rental assistance. Biden’s $1.9 trillion stimulus plan—unveiled last week, prior to him taking office—calls for an additional $25 billion in rental assistance. Read more: Biden Plan Calls for $25B in Renal Assistance, Extending Eviction Ban
Extending the eviction moratorium was one of several actions Biden took shortly after his inauguration Wednesday. He also signed executive orders to extend a pause on student loan payments, rejoin the Paris Agreement on Climate Change, and other actions.